Wealthcap has acquired an office property in Frankfurt from fellow German real estate fund management business Commerz Real for €86 mln.
Wealthcap has acquired an office property in Frankfurt from fellow German real estate fund management business Commerz Real for €86 mln.
The property, named Silva Sachsenhausen, comprises 27,500 m2 of offices and 3,260 m2 of storage space at Darmstädter Landstraße in Frankfurt.
Wealthcap acquired the asset for an Alternative Investment Fund (AIF) vehicle from Commerz Real's closed-end CFB Fund 142.
The transaction is expected to complete by the end of the year. Savills Immobilien Beratungsgesellschaft was the exclusive agent in the transaction.
Commerz Real had acquired the office building on completion in October 2002. Following the conclusion of new leases and lease extensions, 94% of the rental space is leased on long-term contracts. In June 2014 advertising agency Ogilvy & Mather concluded a lease agreement for 19,400 m2 for an initial term of ten years. Twentieth Century Fox extended its lease agreement through to mid-2021 and increased the rental space to 2,750 m2. The weighted average lease agreement term for the property currently amounts to six years.
